In an earlier post we had looked at the price movement in Reliance with the help of GANN
. In this post I want to highlight the momentum divergence in Reliance price movement by looking at Wave analysis. The last wave as per this analysis (assuming the current structure is not compromised by further up move in price) shows momentum divergence. Other conditions for a typical E-Wave are also broadly satisfied by the current move. If the price does not sustain above 1620 levels the stock can witness downward move with targets as mentioned in the chart.
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Prof. Binu P Paul PhD
Prof. Soumya V ACSI